Countless studies have reaffirmed the fact that Americans are lagging
when it comes to retirement planning. When compared to the rest of the
world, however, American workers are downright diligent about planning.
That is the
conclusion of a recent global survey that found American workers, on
average, are far ahead of their international counterparts when it
comes to getting ready for their golden years.
The annual survey
by AXA Group, the owner of a number of life insurance subsidiaries that
serve the international market, found that the average American worker
starts saving at age 30 and puts away $1,253 monthly. That's more than
double the monthly retirement savings of all other nations surveyed.
The survey also
found that nearly 85% of American workers have started planning for
retirement, which also exceeds the averages of other countries.
The survey took
information from 6,915 people between the ages of 25 and 75 in the
United States, Europe, Australia, Canada, Japan and Hong Kong. The
survey included responses from 848 U.S. citizens.
Among the other
findings, the survey found that 64% of working Americans expect to
spend their savings in retirement, compared to only about 33% who
expect to pass excess savings onto surviving family members. France,
meanwhile, was the only nation in which more than half of workers said
they plan to pass on some of their retirement savings.